By Rafiq Vayani
DUBAI: Emaar Development, the global developer, announced its partnership with Dubai Islamic Bank, the UAE’s largest Islamic Bank, to provide an exclusive and value-added home finance programme for Emaar’s customers. Assuring exceptional value for investors, the home financing is the most attractive and unheard of in the market today for its affordability and potential to earn greater than 10% return on investment.
Amit Jain, Group CEO of Emaar Properties and Dr. Adnan Chilwan, Group CEO of Dubai Islamic Bank, were present amongst other senior officials of both entities at the signing ceremony in Dubai.
With the new home financing solution, owning a home Emaar’s world-class residences in elegantly designed master-planned communities, is more affordable than ever before. Among several benefits, customers can benefit from extended 25-year financing, with zero per cent financing cost for the first five years. Investors and end-users will benefit from the lowest margin throughout the home-finance tenure at 3-month EIBOR plus 1 per cent fixed margin for life. They also benefit from zero processing fee, zero valuation fee and zero Dubai Land Department registration fee.
Furthermore, customers only have to pay 50 per cent of the total price during the construction stage with the rest to be paid only in up to 25 years. With the attractive offer by Dubai Islamic Bank, customers will only have to pay installments as low as AED 2,500 per month when they invest in a property valued at AED 2.5 million, and just about AED 1000 per month for a property priced AED 1 million for the first five years.
The monthly instalments are less than 40 per cent of the rent that many people pay today for similar units, ensuring that they can effortlessly shift from rental homes to an owned-home lifestyle, in Emaar’s prestigious communities in Dubai. For end users, the monthly home finance payment will be reduced by to at least 60% of their monthly rental for a comparable property during the first five years.
Bader Hareb, CEO, Emaar Development said: “The partnership with Dubai Islamic Bank for home finance is truly unprecedented in the value it offers to customers. Large monthly instalments were holding back many aspirant customers from investing in property; now with the extremely low payment schedule, they can own a dream home in Dubai effortlessly and enjoy a superior lifestyle. At Emaar, we are committed to delivering added-value for our customers, and with this offer, they can benefit from the significant returns on their investments in an Emaar home in Dubai.”
“Emaar has been the pioneer in the development of elegant master-planned communities in Dubai over the years,” said Dr. Adnan Chilwan, Group CEO DIB. “With DIB being the largest home finance provider in the country, our exclusive home finance programme for Emaar’s customers offers some of the most attractive home finance solutions in the market today. Convenience, flexibility and value remain our top priorities as we aim to enable and facilitate home ownership in Emaar’s communities for the populous across the nation. Knowing what our customers want and tailoring and customizing products and offerings around their needs has been a key focus over the years, and this new home finance initiative with Emaar is another step that will help us as DIB maintain the edge in the sector.”
Customers can choose their dream home from an extensive portfolio of developments including Downtown Dubai, a most sought-after destination by investors underlined by icons such as Burj Khalifa, The Dubai Mall, The Dubai Fountain and Dubai Opera. Dubai Creek Harbour is another one-of-its-kind modern master-planned destination located along the historic Dubai Creek in the heart of the city, and anchored by the new global icon, Dubai Creek Tower, and featuring Dubai Square, the retail metropolis of the future.
Emaar is also offering a choice of homes across mega-developments such as Dubai Hills Estate, a vast and serene golf course neighbourhood in the heart of the city; Emaar South, a green community located near the Expo 2020 Dubai site and the Al Maktoum International Airport and Arabian Ranches, an established villa community.